London wealth manager cashes out $1 Billion profit from $600 Million Bitcoin purchase in November

After profiting $1B in less than 6 months, Ruffer is open to making more BTC trades in the upcoming days.
Ruffer Asset manager has profited by more than $1B in profit from a $600M BTC investment it made throughout Nov 2020.
Talking to The Times, investment director at the London founded asset management firm, Hamish Baillie, exposed that Ruffer closed out its BTC position for more than $1.1B in profit during April:
‘When the price folded we took some profits for our clients in Dec. and initial Jan. We vigorously managed the position & by the time we vended the latter tranche in April the total profit was to some extent more than $1.1 billion.’
Baillie entitlements Ruffer became one of the first fund managers to purchase Bitcoin in what was a rare short-term investment for the company. At the time of the speculation, Bitcoin’s price had cleared $15K & was pushing up to test the then all-time highs near $20K that had been set in 2017.
The investment director credited Bitcoin’s late 2020 parabolic price meeting to the pandemic lockdown & incentive payouts in the U.S. He supposed the company vended its holdings partially because younger investors would not be expenditure as abundant time trading crypto now that lockdowns are finished.
The firm has moved the profits it complete on the Bitcoin trade into other “protective” assets like inflation-linked government bonds. Though, Baillie is confident that main financial institutions, counting Ruffer & Goldman Sachs, will continue to purchase BTC, uttering that another purchase is “surely not off the menu:”
‘If you have a multi-asset plan then things that act in dissimilar methods are obliging. There’s no point being multi-asset if all your diverse assets move with similar dynamics.’
Ruffer is not the only big financial institution that has been experimenting in crypto, with data from signifying that 36 openly traded companies presently hold Bitcoin on their balance sheet.
Only 6 or 16% of openly traded firms invested in BTC are currently down on their position, including Nexon, Meitu, & Seetee. The top 3 holders — MicroStrategy, Tesla, & Square — are sitting on a $5.2 billion value of BTC between them.